The Simple Personal Loan Agreement serves as a fundamental legal instrument for documenting monetary loans between individuals in the United States. This agreement is commonly used when friends, family members, or private parties engage in lending arrangements. The document includes essential elements such as loan amount, interest rate, payment terms, and default provisions, while ensuring compliance with federal and state usury laws. The agreement provides legal protection for both parties and can be enforced in U.S. courts if necessary.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Brief context of the loan arrangement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Purpose: Specific amount being borrowed and intended use of funds
5. Repayment Terms: Payment schedule, amounts, and methods of payment
6. Interest Rate: Interest rate and calculation method
7. Default Provisions: Consequences of missing payments or breaching agreement
8. Governing Law: Jurisdiction governing the agreement
1. Security: Details of any collateral when loan is secured
2. Early Repayment: Terms for early loan satisfaction when early repayment is allowed
3. Insurance Requirements: Required insurance coverage for any collateral
4. Co-signer Provisions: Terms applying to any co-signers when a co-signer is involved
1. Repayment Schedule: Detailed payment timeline with amounts and due dates
2. Amortization Table: Breakdown of principal and interest payments over loan term
3. Collateral Description Schedule: Detailed description of any secured assets (for secured loans only)
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